Chardan NexTech Acquisition 2 Corp. Announces Closing of Underwriters' Over-Allotment Option to Purchase Additional Units in Connection with its Initial Public Offering
August 18, 2021
NEW YORK, Aug. 18, 2021 /PRNewswire/ -- Chardan NexTech Acquisition 2 Corp. (the "Company") (NASDAQ: CNTQU) announced today that an additional 1,650,000 units were issued pursuant to the underwriters' over-allotment option in connection with its initial public offering. The offering was priced at $10.00 per unit, generating additional gross proceeds of $16,500,000 and bringing the total gross proceeds of the initial public offering to $126.5 million.
The Company's units commenced trading on the Nasdaq Capital Market ("Nasdaq") under the ticker symbol "CNTQU" on August 11, 2021. Each unit consists of one share of common stock and three-quarters of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per share. Only whole warrants are exercisable.
Once the securities comprising the units begin trading separately, the Company expects that the common stock and redeemable warrants will be listed on the Nasdaq under the symbols "CNTQ" and "CNTQW," respectively.
The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any industry, it currently intends to concentrate its search for a target business operating in disruptive technologies. The Company is led by its Chairman of the Board of Directors, Kerry Propper, its Chief Executive Officer, Jonas Grossman, and its Chief Financial Officer, Alex Weil.
Chardan served as sole book-running manager and B. Riley Securities, Inc. acted as the qualified independent underwriter for the offering.
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